The Hain Celestial Group, Inc. said Monday it has sold its WestSoy brand of organic and Non-GMO Project Verified meatless products – including tofu, seitan and tempeh – to Keystone Natural Holdings, a portfolio company of Keystone Capital.
Terms of the deal were not disclosed.
Lake Success, N.Y.-based Hain Celestial (NASDAQ: HAIN) said it has retained the WestSoy plant-based beverage business. Hain’s organic WestSoy portfolio has been certified organic by Quality Assurance International (QAI) since 2002.
“This brand divestiture is in-line with the core objectives of our transformational strategic plan to reduce complexity and streamline our portfolio of brands to drive sustainable growth and shareholder value,” said Hain Celestial CEO Mark Schiller.
Hain, with $2.5 billion in annual sales, contracts with more than 125 co-packers to produce its 55 brands including the Earth’s Best organic baby food, Celestial Seasonings tea, Walnut Acres Organic, Rudi’s Organic Bakery, and BluePrint cold-pressed juice brands, among others.